FCCPC probes Nigeria's cement industry over suspected price manipulation

The Federal Competition and Consumer Protection Commission (FCCPC) has launched an investigation into Nigeria’s cement industry following suspicions of price manipulation and anti-competitive practices. A three-month cross-border study conducted by the commission’s Anticompetitive Practices Department revealed that cement prices in Nigeria are higher than in several neighboring African countries, including Kenya, Tanzania, South Africa, Egypt, Morocco, Algeria, and Togo.

The probe highlights a significant disconnect between supply and cost. Despite Nigeria possessing an annual production capacity of 60 million to 65 million metric tonnes—well above the estimated domestic consumption of 25 million to 30 million tonnes—and having abundant limestone deposits, the price of a 50kg bag of cement rose from approximately N9,300–N9,700 in January 2026 to as high as N15,000 by July 2026.

The FCCPC has summoned major industry players, including Dangote Cement Plc, BUA Cement Plc, and HBM Nigeria, to provide details on pricing methodologies and capacity utilization. This scrutiny follows reports of robust financial performance among these top producers, with combined H1 2026 profits exceeding N1.17 trillion, even as consumer purchasing power remains under pressure. Investigators will examine whether factors such as energy costs and currency depreciation justify the hikes, or if companies have engaged in coordinated pricing and restricted supply.